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Target executive testifies to Senate about card security

NBC
News
Tuesday, February 4, 2014 - 6:13pm

In the wake of the massive personal data hack of Target, Neiman Marcus, and other retailers there's a push to do something, but no change looks imminent.

Experts say the answer is better credit cards.

So why aren't we switching from magnetic credit and debit cards that you swipe to cards with chips that you touch?

At Target, the loss of personal data by millions of customers might have been prevented by "chip and p.i.n." cards.

"That would have rendered the account numbers that were taken far less useful," Target Chief Financial Officer John Mulligan told members of Senate Judiciary Committee Tuesday.

Congress is leaning on stores to tighten security, but major retailers are pushing the banks for more secure "chip and p.i.n." cards.
 

The issue is cost.

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